MIRA INFORM REPORT
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Report Date : |
18.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE POWER LIMITED |
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Registered
Office : |
H Block, 1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.01.1995 |
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Com. Reg. No.: |
11-084687 |
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Capital
Investment / Paid-up Capital : |
Rs.27966.300 Millions |
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CIN No.: [Company Identification
No.] |
L40101MH1995PLC084687 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR07195G |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is primarily engaged in the business of generation of power. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of Reliance Anil Dhirubhai Ambani group a well-known
industrial house in the country. It is an established company having fine track record. There is a dip in profit of the company in the year 2013-14. However,
fundamentals of the company is decent. Liquidity position of the company is
strong and healthy. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limits = A- |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
February 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Debt Programme = A1 |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk |
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Date |
February 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-operative. (Tel No.: 91-22-30373333/91-22-22842384)
LOCATIONS
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Registered Office : |
H Block, 1st Floor, |
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Tel. No.: |
91-22-30386010/30373333 |
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Fax No.: |
91-22-30376633/30385169 |
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E-Mail : |
reliancepower.ipo@relianceada.com |
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Website : |
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Corporate Office : |
Maker Chamber IV, 3rd Floor, 222 Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Tel. No.: |
91-22-22842384/22842929 |
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Fax No.: |
91-22-22826076 |
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Investor Service Centre : |
G Block, Ground Floor, Dhirubgai Ambani Kowledge City, Navi Mumbai -
400710, Maharashtra, India |
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Tel. No.: |
91-22-30385565 |
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Fax No.: |
91-22-30385169 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Anil Dhirubhai Ambani |
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Designation : |
Chairman |
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Name : |
Mr. J. L. Bajaj |
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Designation : |
Director |
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Name : |
Dr. Yogendra Narain |
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Designation : |
Director |
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Name : |
Dr. V. K. Chaturvedi |
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Designation : |
Director |
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Name : |
Mr. D. J. Kakalia (w.e.f. September 13, 2013) |
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Designation : |
Director |
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Name : |
Mr. Sateesh Seth (w.e.f. July 18, 2014) |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ramaswami Kalidas |
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Designation : |
Company Secretary and Manager |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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2212425 |
0.08 |
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2101182579 |
74.92 |
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2103395004 |
75.00 |
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Total shareholding of Promoter and Promoter Group (A) |
2103395004 |
75.00 |
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(B) Public Shareholding |
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16591730 |
0.59 |
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15230227 |
0.54 |
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|
385920 |
0.01 |
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117651455 |
4.20 |
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178107051 |
6.35 |
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|
327966383 |
11.69 |
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48909641 |
1.74 |
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289058017 |
10.31 |
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26758037 |
0.95 |
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8441366 |
0.30 |
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|
8441366 |
0.30 |
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373167061 |
13.31 |
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Total Public shareholding (B) |
701133444 |
25.00 |
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Total (A)+(B) |
2804528448 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
598018 |
0.00 |
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|
598018 |
0.00 |
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Total (A)+(B)+(C) |
2805126466 |
0.00 |
Shareholding of
securities (including Shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Reliance Infrastructure Limited |
1183998193 |
42.21 |
|
AAA Project Ventures Private Limited |
537387901 |
19.16 |
|
AAA International Capital Private Limited |
267776331 |
9.55 |
|
Reliance Enterprises & Ventures Private Limited |
107776331 |
3.84 |
|
Reliance Capital Limited |
4117823 |
0.15 |
|
Kokila D Ambani |
916461 |
0.03 |
|
Anil D Ambani |
465792 |
0.02 |
|
Jai Anmol A Ambani |
417439 |
0.01 |
|
Tina A Ambani |
412708 |
0.01 |
|
Rel Utility Engineers Limited |
125000 |
0.00 |
|
Reliance Innoventures Private Limited |
1000 |
0.00 |
|
Shri Jai Anshul A Ambani |
25 |
0.00 |
|
Total |
2103395004 |
74.98 |
Details of Depository Receipts (DRs)
|
Name of
Shareholder |
No.
of Outstanding DRs |
No. of Shares
Underlying |
Shares Underlying
Outstanding DRs as % of Total No. of Shares |
|
GDR |
5,98,018 |
5,98,018 |
0.02 |
|
Total |
5,98,018 |
5,98,018 |
0.02 |
BUSINESS DETAILS
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Line of Business : |
Subject is primarily engaged in the business of generation of power. |
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Products : |
-- |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Notes: Long Term Borrowings Nature of security for term loans The term loans
had been obtained by Erstwhile Reliance Clean Power Private Limited (Refer
note 9) to set up the 45 MW wind power project at Vashpet (“Project”). The
term loans are secured pari passu among the lenders by first ranking mortgage
/ hypothecation / charge on: a) All the
immovable properties and assets of the Project, present and future. b) All the
movable properties and assets of the Project, present and future. c) All the intangible
assets of the Project, present and future. d) All the bank
accounts in relation to the Project, present and future. e) Assignment by
way of security of: - All rights,
titles and interest of the Project in, to and under all other assets of the Project. - The Project’s
rights under each of the project documents, insurance policies and clearances
related to the Project. f) All the
Project’s rights and interests under letter of credit, corporate guarantees,
performance bonds or any such other security provided by any of the
contractor or any other person under the power purchase agreement or any
other project documents or otherwise in favour of the Project. Terms of repayment Rupee term loan
is repayable in 47 quarterly instalments commencing from September 2013. Foreign currency
term loan is repayable in 42 quarterly instalments commencing from September
2013. Interest Rupee term loan
carried an interest rate of State Bank of India (SBI) base rate plus 2.5% per
annum, payable on a monthly basis upto the date of commencement of commercial
operations. Post commencement of commercial operations, the rupee term loan
carries an interest rate of SBI base rate plus 2.25% per annum. Foreign currency
loan carries an interest rate of USD 6 month LIBOR plus 4.5% per annum. Other long-term borrowings Nature of
security, terms of repayment and interest of current maturities of long-term
borrowings: The Company has
obtained long term loan from banks which is secured by first pari passu
charge over the current assets of the Company including receivables. The loan
is repayable after a tenure of 14 months from the date of first disbursement
(i.e. July 31, 2013). The loan carries an interest rate of Axis bank base
rate plus 2% per annum. Unsecured debentures Long term
borrowing of the Company includes debentures issued to a related party
(classified as current maturities of long term borrowings. redeemable after a
period of 366 days from the date of issue. The debentures carry an interest
rate of 10.50% per annum payable at redemption. |
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Banking
Relations : |
-- |
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Auditors : |
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Name 1: |
Chaturvedi and Shah Chartered Accountants |
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Name 2: |
Price Waterhouse Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries:
(Direct and step-down subsidiaries : |
·
Sasan Power Limited (SPL) ·
Rosa Power Supply Company Limited (RPSCL) ·
Maharashtra Energy Generation Limited (MEGL) ·
Vidarbha Industries Power Limited (VIPL) ·
Tato Hydro Power Private Limited (THPPL) ·
Siyom Hydro Power Private Limited (SHPPL) ·
Chitrangi Power Private Limited (CPPL) ·
Urthing Sobla Hydro Power Private Limited (USHPPL) ·
Kalai Power Private Limited (KPPL) ·
Coastal Andhra Power Limited (CAPL) ·
Notes to the fi nancial statements for the year ended
March 31, 2014 ·
Reliance Power Limited ·
Reliance Coal Resources Private Limited (RCRPL) ·
Erstwhile Maharashtra Energy Generation Infrastructure
Limited (Erstwhile MEGIL) ·
Amulin Hydro Power Private Limited (AHPPL) ·
Emini Hydro Power Private Limited (EHPPL) ·
Mihundon Hydro Power Private Limited (MHPPL) ·
Jharkhand Integrated Power Limited (JIPL) ·
Reliance CleanGen Limited (RCGL) ·
Rajasthan Sun Technique Energy Private Limited (RSTEPL) ·
Erstwhile Reliance Clean Energy Private Limited
(Erstwhile RCEPL) Dhursar Solar Power Private Limited (formerly known as
Dahanu Solar Power Private Limited) (DSPPL) ·
Moher Power Limited (formerly known as Bharuch Power
Limited) (MPL) ·
Samalkot Power Limited (SMPL) ·
Reliance Prima Limited (RPrima) ·
Atos Trading Private Limited (ATPL) ·
Atos Mercantile Private Limited (AMPL) ·
Coastal Andhra Power Infrastructure Limited (CAPIL) ·
Reliance Power Netherlands BV (RPN) ·
PT Heramba Coal Resources (PTH) ·
PT Avaneesh Coal Resources (PTA) ·
Reliance Natural Resources Limited (RNRL) ·
Erstwhile Reliance Fuel Resources Limited (Erstwhile
RFRL) ·
Reliance Natural Resources (Singapore) Pte Limited
(RNRL- Singapore) ·
Reliance Solar Resources Power Private Limited (RSRPPL) ·
Erstwhile Reliance Clean Power Private Limited (RCPPL)
(Refer note 9) ·
Reliance Wind Power Private Limited (RWPPL) ·
Reliance Green Power Private Limited (RGPPL) ·
PT Sumukha Coal Services (PTS) ·
PT Brayan Bintang Tiga Energi (BBE) ·
PT Sriwijiya Bintang Tiga Energi (SBE) ·
Shangling Hydro Power Private Limited (SPPL) ·
Sumte Kothang Hydro Power Private Limited (SKPL) ·
Teling Hydro Power Private Limited (TPPL) ·
Lara Sumta Hydro Power Private Limited (LHPPL) ·
Purthi Hydro Power Private Limited (PHPPL) |
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Investing parties /
promoters having significant influence
on the Company directly or indirectly Companies : |
·
Reliance Infrastructure Limited (R Infra) ·
AAA Project Ventures Private Limited (APVPL) (upto
December 19, 2012) |
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Enterprises over
which individual have control: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 110000.000 Millions |
|
5000000000 |
Preference Shares |
Rs. 10/- each |
Rs. 50000.000 Millions |
|
|
Total |
|
Rs. 160000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2805126466 |
Equity Shares |
Rs. 10/- each |
Rs. 28051.300 Millions |
|
8500000 |
Less: Equity Shares held in trust for employees under ESOS Scheme |
Rs. 10/- each |
Rs.85.000 Millions |
|
|
Total |
|
Rs.27966.300
Millions |
- Terms/
rights attached to equity shares
The Company has only one class
of equity shares having face value of Rs.10 per share. Each holder of the equity
share is entitled to one vote per share. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive the remaining
assets of the Company, after distribution of all preferential amounts.
- Details of shares held by shareholders
holding more than 5% of the aggregate shares in the Company
|
Particulars |
No. of Shares |
Percentage of share
holding |
|
Reliance Infrastructure Limited |
1183998193 |
42.21 |
|
AAA International Capital Private Limited |
267776331 |
9.55 |
|
Reliance Enterprises and Ventures Private Limited |
107776331 |
3.84 |
|
AAA Project Ventures Private Limited |
537387901 |
19.16 |
- Aggregate
number of bonus shares issued and shares issued for consideration other
than cash during the five years immediately preceding the reporting date
a) During the year ended March 31, 2009, the Company had issued 136,800,000 equity shares of Rs.10 each as fully paid bonus shares by capitalisation of Rs.1368.000 Millions from securities premium account.
b) During the year ended March 31, 2011, the Company had issued 408,282,606 equity shares of Rs.10 each fully paid to the shareholders of Reliance Natural Resources Limited as a consideration for transfer of business undertaking from Reliance Natural Resources Limited under the composite scheme of arrangement sanctioned by High Court of Bombay on October 15, 2010.
- Pursuant to the composite scheme of arrangement with Reliance Natural Resources Limited, the Company has 130,288 Global Depository Receipts which are listed on Euro MTF Market of the Luxembourg Stock Exchange since May 17, 2011.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
27966.300 |
28051.300 |
28051.300 |
|
(b) Reserves & Surplus |
140303.400 |
140200.600 |
132962.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
168269.700 |
168251.900 |
161013.300 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2113.500 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
147.700 |
0.000 |
1605.000 |
|
(d) long-term
provisions |
28.600 |
30.400 |
17.500 |
|
Total Non-current
Liabilities (3) |
2289.800 |
30.400 |
1622.500 |
|
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|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
22854.000 |
18777.800 |
0.000 |
|
(b) Trade
payables |
166.400 |
86.100 |
275.700 |
|
(c) Other
current liabilities |
13772.900 |
322.800 |
169.800 |
|
(d) Short-term
provisions |
6.900 |
7.000 |
4.400 |
|
Total Current
Liabilities (4) |
36800.200 |
19193.700 |
449.900 |
|
|
|
|
|
|
TOTAL |
207359.700 |
187476.000 |
163085.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4084.100 |
823.400 |
854.700 |
|
(ii)
Intangible Assets |
0.000 |
17.400 |
25.200 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
90.100 |
|
(iv)
Intangible assets under development |
0.000 |
4.100 |
32.100 |
|
(b) Non-current Investments |
165088.100 |
146571.800 |
94439.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
13252.700 |
16499.900 |
41244.900 |
|
(e) Other
Non-current assets |
1449.500 |
1495.700 |
1603.800 |
|
Total Non-Current
Assets |
183874.400 |
165412.300 |
138290.200 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
316.100 |
50.000 |
1751.800 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
47.300 |
19.200 |
191.500 |
|
(d) Cash
and cash equivalents |
5491.300 |
5568.200 |
2059.500 |
|
(e)
Short-term loans and advances |
15956.000 |
15489.300 |
18766.900 |
|
(f) Other
current assets |
1674.600 |
937.000 |
2025.800 |
|
Total
Current Assets |
23485.300 |
22063.700 |
24795.500 |
|
|
|
|
|
|
TOTAL |
207359.700 |
187476.000 |
163085.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2014 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
916.900 |
120.100 |
661.200 |
|
|
|
Other Income |
2,744.300 |
2,388.400 |
4657.300 |
|
|
|
TOTAL |
3,661.200 |
2,508.500 |
5318.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of coal rejects |
532.100 |
0.000 |
68.900 |
|
|
|
Employee benefits expense |
412.500 |
476.300 |
384.700 |
|
|
|
Administration and other expenses |
796.100 |
718.900 |
386.500 |
|
|
|
Fuel handling and service charges |
0.000 |
0.000 |
736.300 |
|
|
|
Exchange loss on settlement of 4.928% Convertible Bonds |
0.000 |
0.000 |
1,358.800 |
|
|
|
Equivalent amount withdrawn from General reserve |
0.000 |
0.000 |
(1,358.800) |
|
|
|
Exceptional item |
0.000 |
(4,072.500) |
0.000 |
|
|
|
TOTAL |
1,740.700 |
(2,877.300) |
1,576.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1,920.500 |
5,385.800 |
3,742.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1,149.000 |
220.600 |
603.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
771.500 |
5,165.200 |
3,138.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
160.100 |
31.400 |
29.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE ADJUSTMENTS AND TAXATION |
611.400 |
5,133.800 |
3,109.400 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT : (Investments in Sasan Power Infrastructure Limited
(wholly owned subsidiary) (previous year - Sasan Power Infraventures Private
Limited wholly owned subsidiary) written off pursuant to the scheme of
amalgamation) |
0.000 |
6,000.100 |
2,000.500 |
|
|
|
|
|
|
|
|
|
Less |
EQUIVALENT AMOUNT
WITHDRAWN FROM GENERAL RESERVE |
0.000 |
(6,000.100) |
(2000.500) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
611.400 |
5,133.800 |
3,109.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
46.000 |
(5.500) |
0.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
564.800 |
5,139.300 |
3,108.600 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5,161.400 |
3,522.100 |
3,913.500 |
|
|
|
|
|
|
|
|
|
Add |
Adjustment towards
surplus in Statement of Profit and Loss account of Reliance Clean Power
Private Limited for the year 2012-13 |
5.400 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
3,500.000 |
3,500.000 |
|
|
|
Transfer to Debenture redemption reserve |
453.900 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5,277.700 |
5,161.400 |
3,522.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Dividend on Preference shares |
0.000 |
74.800 |
67.900 |
|
|
|
Sale of assets |
0.000 |
67.200 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
142.000 |
67.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.20 |
1.83 |
1.11 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
399.000 |
355.500 |
|
Total Expenditure |
|
420.000 |
378.000 |
|
PBIDT (Excl OI) |
|
(21.000) |
(22.500) |
|
Other Income |
|
608.100 |
601.300 |
|
Operating Profit |
|
587.100 |
578.800 |
|
Interest |
|
461.900 |
484.200 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
125.200 |
94.600 |
|
Depreciation |
|
52.800 |
45.600 |
|
Profit Before Tax |
|
72.400 |
49.000 |
|
Tax |
|
0.000 |
(23.600) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
72.400 |
72.600 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
72.400 |
72.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
61.60 |
4279.18 |
470.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
209.46 |
4484.43 |
565.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.45 |
12.55 |
4.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.03 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.15 |
0.11 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.64 |
1.15 |
55.11 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
28051.300 |
28051.300 |
27966.300 |
|
Reserves & Surplus |
132962.000 |
140200.600 |
140303.400 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
161013.300 |
168251.900 |
168269.700 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
2113.500 |
|
Short term borrowings |
0.000 |
18777.800 |
22854.000 |
|
Total
borrowings |
0.000 |
18777.800 |
24967.500 |
|
Debt/Equity
ratio |
0.000 |
0.112 |
0.148 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs. In
Millions |
|
Sales |
661.200 |
120.100 |
916.900 |
|
|
|
(81.836) |
663.447 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
661.200 |
120.100 |
916.900 |
|
Profit |
3,108.600 |
5,139.300 |
564.800 |
|
|
470.15% |
4279.18% |
61.60% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities
of long term debt |
|
|
|
|
- Loan from bank |
1500.000 |
0.000 |
0.000 |
|
- Unsecured redeemable non-convertible debenture |
11000.000 |
0.000 |
0.000 |
|
- Rupee term loan and foreign currency loan |
168.700 |
0.000 |
0.000 |
|
Total |
12668.700 |
0.000 |
0.000 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
Case Details |
||||||
|
Bench:- Bombay |
||||||
|
Presentation Date:- |
27/11/2014 |
|||||
|
|
||||||
|
Lodging No.:- |
ARBPL/1829/2014 |
Filing Date:- |
27/11/2014 |
|||
|
|
||||||
|
Petitioner:- |
HARMONY INNOVATION SHIPPING LIMITED |
Respondent:- |
RELIANCE POWER LIMITED |
|||
|
Petn.Adv:- |
ASHWIN SHANKER (I1966) |
|||||
|
District:- |
OUTSIDE MAHARASHTRA |
|||||
|
|
||||||
|
Bench:- |
SINGLE |
|||||
|
|
||||||
|
Status:- |
Pre-Admission |
Category:- |
ARBITRATION ACT. |
|||
|
|
||||||
|
Act :- |
Arbitration and Conciliation Act 1996 |
Under Section:- |
9,47,48 |
|||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from related party: |
|
|
|
- Inter-corporate deposits from subsidiaries (Interest free and repayable on demand) |
20134.000 |
4657.800 |
|
- Advance against proposed issue of non-convertible debentures |
0.000 |
12000.000 |
|
Working capital loan |
600.000 |
0.000 |
|
2,120 Non-convertible debenture of Rs. 1,000,000 each |
2120.000 |
0.000 |
|
Commercial paper |
0.000 |
2120.000 |
|
Total |
22854.000 |
18777.800 |
Notes:
Short Term
Borrowings
Terms of
repayment and interest
- Working capital loan carries an interest rate of IDBI base rate plus 2.50% per annum and is repayable on demand.
- Non-convertible debenture carries an interest rate of 10.20 % per annum payable on half yearly basis. These debentures are redeemable at par on June 12, 2014.
- Commercial paper were issued at a discount of 10.50% and have a tenure of 180 days.
GENERAL INFORMATION
The Company together with its subsidiaries (“Reliance Power group”) is primarily engaged in the business of generation of power. The projects under development include coal, gas, hydro, wind and solar based energy projects. During the year, pursuant to the Scheme of Amalgamation with Reliance Clean Power Private Limited, the Company has taken over 45 MW wind power project at Vashpet, which has declared commercial operations with effect from June 30, 2013. The portfolio of the Reliance Power group also includes three ultra-mega power projects (UMPP) of 3,960 MW each.
FINANCIAL PERFORMANCE
During the year, the total Income of the Company was Rs.3661.200 Millions against Rs.2508.500 Millions in the previous year on a standalone basis. The Company has earned a Profit after tax of Rs.564.800 Millions compared to Rs.5139.300 Millions in the previous year which was inclusive of an exceptional income of Rs.4072.500 Millions on a standalone basis.
BUSINESS OPERATIONS
The Company is in the business of setting up and operating power projects and in the development of coal mines through its subsidiaries. The Company has a large portfolio of power projects and is also developing coal mines in India and in Indonesia. Of the power projects which the Company is developing through its subsidiaries, 4,525 MW are already operational while the other power projects are under various stages of development. Four of the six units out of the 6X660 MW UMPP being developed by its subsidiary Sasan Power Limited have already commenced operations. The fi fth unit has achieved Boiler Light-up and is likely to be commissioned shortly and the last unit is in advanced stages of commissioning.
The Sasan Unit is the largest integrated power plant in the World with its own captive coal mines to cater to the fuel requirements of the Plant.
Both the Units of the 2X300 MW Power Plant at Butibori being developed by its subsidiary Vidarbha Industries Power Limited, have commenced commercial operations and are supplying power under long term PPAs for 25 years.
The 100 MW solar CSP plant at Dhursar, Rajasthan shall also commence operations in the fi nancial year 2014-15. The period was significant in that the Company could make substantial increases in its perating capacity by nearly 2,000 MW.
The portfolio of projects which the Company is developing is diversified with regard to location, fuel and off-take. The projects are spread across various states in India and its coal mines are also located in Indonesia. A major portion of the power generating capacity would be based on coal as the primary fuel. The others include gas based power projects, hydro-electric power projects and power projects based on renewable energy resources such as solar and wind.
SCHEME OF AMALGAMATION
Reliance Clean Power Private Limited, a 100 per cent Subsidiary which is operating the 45 MW wind power project at Vashpet in Maharashtra, merged into the Company effective from May 16, 2014 as per the Scheme of Amalgamation sanctioned by the Hon’ble High Court of Judicature at Bombay on May 9, 2014, with the appointed date being April 1, 2012.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10526538 |
29/09/2014 |
3,200,000,000.00 |
Yes Bank Limited |
Nehru
Centre, 9th Floor, Discovery Of India, Dr. |
C30181788 |
|
2 |
10486481 |
26/03/2014 |
600,000,000.00 |
IDBI Bank Limited |
Idbi
Bank Limited, Idbi Tower World Trade Centre |
C01023209 |
|
3 |
10438810 |
16/07/2013 |
1,500,000,000.00 |
Axis Bank Limited |
Corporate Banking Branch,, Wadia Intl Centre, P.B. Marg, Worli, Mumbai, Maharashtra - 400025, India |
B80382955 |
|
4 |
10375425 |
03/07/2013 * |
2,792,200,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, India |
B79867800 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
UK Pound |
1 |
Rs.99.98 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
54 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.